作　　者： (康书隆）; (余海跃）; (刘越飞）;

机构地区： 东北财经大学金融学院／社会与行为跨学科研究中心,辽宁大连116023

出　　处： 《金融研究》 2017年第8期67-82,共16页

摘　　要： 住房公积金制度在为缴存家庭提供优惠贷款和免税储蓄的同时,也使缴存家庭消费受到利息损失、流动性约束、贷款额度限制等因素的影响。本文通过考察住房公积金对不同类型缴存家庭消费的处理效应,评估制度对缴存家庭福利的影响。基于面板数据的IV-2SLS回归研究发现:住房公积金对无房无贷和有房有贷缴存家庭的消费并无显著影响,仅能提高有房无贷缴存家庭的消费水平。有必要提高制度对缴存家庭住房融资的支持效率,降低制度对缴存家庭的流动性约束,以增进缴存家庭的消费与福利。 Housing Provident Fund （HPF） provides discount loan and tax- exempt saving fbr households and at the same time distorts households＇ consumption by exerting interest loss, liquidity constraint and loan restriction on households. Therefore, we plan to evaluate the welfare improvements introduced by HPF through measuring the treatment effect of HPF on households＇ consumption. Based on panel data IV - 2SLS models, this research shows that HPF has no effect on promoting the consumption of households from two types ： without properties and with properties and loan ; HPF can only increase the consumption of households with property but without loan. It is necessary to promote the flexibility of nlortgage of HPF and lower the liquidity constraint in order to increase households＇consumption and welfare.

关 键 词： 流动性约束 住房公积金 购房贷款 家庭消费